LCDs work different from CRT but yes they also have refresh rates, which is the rate frames are updated on the screen. The difference lies in that CRTs have to update the entire frame where LCDs only update the necessary pixels, by changing the polarization of the correspondent liquid crystal, and that's where response time comes in, it's the time crystals take to change their polarization since the response to the electrical field is not instantaneous.
So yes LCDs runs smoother at higher refresh rates, and obviously with lower response times.

lol, when I run this check on the Vantage page my system score is far to the right, beyond the "2" for recommended systems... But the test says: "Close, but no Cigar. Your system doesnt meet the mininum requirements" ... pwned